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)

On December 17, 2025, NGEx Minerals announced the first assay results from its Phase 4 drill program at the Lunahuasi project in Argentina. The headline result from drill hole DPDH048 includes a high-grade interval of 22.85 metres grading 4.01% copper (Cu), 11.30 g/t gold (Au), and 228 g/t silver (Ag), for a copper equivalent (CuEq) of 14.26%. This intercept was part of a broader mineralized zone of 126.6 metres grading 2.16% Cu, 3.30 g/t Au, and 59.2 g/t Ag (5.09% CuEq).

The CEO, Wojtek Wodzicki, stated that this result is an excellent start to the Phase 4 program, confirming the size and continuity of the high-grade Saturn Zone approximately 100 metres below a previous intersection. The company reports that over 10,000 metres of the planned program have been drilled, with ten holes completed and eight underway, indicating a steady flow of results is forthcoming.

The drill results are materially positive. They serve as a crucial confirmation that the exceptional high-grade mineralization identified in the successful Phase 3 program continues with both grade and scale in the new Phase 4 program.

A systematic review of the company's news over the past year provides essential context: - Phase 3 (late 2024 - mid 2025): This program consistently delivered world-class intercepts, establishing Lunahuasi as a major discovery. Highlights included DPDH028 (51.1m @ 13.84% CuEq), DPDH032 (27.4m @ 25.19% CuEq), and the discovery of ultra-high-grade gold veins in DPDH046 (2.2m @ 142.27 g/t Au). A pivotal moment was the May 21, 2025 announcement of a major underlying copper-gold porphyry system, adding a large-scale, bulk tonnage dimension to the high-grade vein story. - Corporate Actions (Q3 2025): The company executed a spin-out of its royalties into a new entity, LunR Royalties Corp. While this transaction crystallized value for shareholders, it removed the direct royalty upside from NGEx's corporate structure, though the company retains a 19.9% interest in LunR. - Financing (Q3-Q4 2025): The most significant de-risking event was the closing of a C$175 million private placement on October 15, 2025. The financing was done at a price of C$25.00 per share, with the highly-regarded Lundin Family Trusts participating for up to C$100 million. This provided a massive treasury and a strong vote of confidence from sophisticated investors at a premium to the current trading price.

Today's news is the first tangible result validating that C$25.00 financing. The grades are spectacular and are exactly what the market was hoping to see from the new, fully-funded program. Intersecting the Saturn Zone 100m from a previous hole and confirming continuity is a textbook example of systematic exploration success that reduces project risk. While not a "new" discovery, it reinforces the geological model and confirms that Lunahuasi continues to be one of the highest-grade copper-gold discoveries globally. The market's high expectations have been met, which should provide strong support for the stock's valuation.

NGEx Minerals Ltd. is a Canadian copper and gold exploration company and a member of the Lundin Group of Companies. Its flagship asset is the 100%-owned Lunahuasi Project, a high-grade copper-gold-silver discovery in the San Juan Province of Argentina. The company is systematically exploring the project to define the scale of the high-grade vein system and an underlying, large-scale porphyry system. NGEx also holds a majority interest (approx. 69%) and is the operator of the advanced-stage Los Helados copper-gold project in Chile, one of the largest undeveloped copper-gold resources in the world.