The Great Copper Squeeze: Why Smart Money is Hoarding Hard Assets

The most recent news (March 23-24, 2026) reports exceptional drill results from the Phase 4 program at the 100%-owned Lunahuasi project in Argentina. Key highlights include hole DPDH059, which intersected 335.15m at 4.08% CuEq, including a massive 19.50m at 18.96% CuEq. This follows the March 11, 2026, announcement that Lundin Mining is acquiring a 30.9% interest in the adjacent Los Helados project, becoming NGEx's new minority partner. Due to the success of the current drilling, NGEx has increased its Phase 4 target from 25,000m to 30,000m, with the program expected to conclude in May 2026.

The impact is Material - Positive. The drill results (4.08% CuEq over 335m) are globally significant for a copper-gold system, confirming both extreme high-grade continuity and substantial scale. - Strategic Partnership: The entry of Lundin Mining as a partner at Los Helados (March 11, 2026) is a major de-risking event. It suggests potential synergies with Lundin’s Caserones mine, providing a clear development pathway for Los Helados. - Permitting Progress: Receiving environmental approval (DIA) for an exploration adit at Lunahuasi (March 9, 2026) allows the company to move toward underground development by Q4 2026, a critical step for resource definition. - Financial Strength: The company is exceptionally well-funded following a C$175 million private placement (October 2025) led by the Lundin Family Trusts (C$100M).

NGEx Minerals is a Lundin Group company focused on copper-gold exploration in the Vicuña District (Argentina/Chile). - Lunahuasi (100%): A high-grade copper-gold-silver discovery in San Juan, Argentina. It features multiple mineralization styles, including high-sulphidation veins and a recently discovered porphyry system. - Los Helados (69%): One of the world's largest undeveloped copper-gold resources, with an Indicated Resource of 2.08 billion tonnes at 0.40% Cu, 0.15 g/t Au, and 0.15 g/t Ag.