NGEx Announces Proposed Effective Date of Spin-out; Adam Lundin Appointed as President & CEO of LunR Royalties

The most recent news, from October 16, 2025, confirms the final details for the spin-out of its royalty assets into a new entity, LunR Royalties Corp. The key details are: * Effective Date: The transaction will be effective at 12:01 a.m. (Vancouver time) on October 23, 2025. * Shareholder Entitlement: Shareholders of record at the close of business on October 22, 2025, will be entitled to participate. They will receive one new NGEx share and one-quarter (1/4) of a LunR Royalties share for each NGEx share held. * LunR Royalties Leadership: An experienced and high-profile board and management team have been appointed for the new royalty company. Adam Lundin will be President, CEO, and Chair. The board will include Jamie Beck, the former CEO of Filo Corp., who delivered a ~1,700% return to shareholders leading to its $4.5 billion acquisition. The management team also includes other experienced individuals from the Lundin Group and Filo Corp.

This news is the final, procedural step in a well-telegraphed corporate restructuring that has been communicated to the market since July 2025. The spin-out itself is a material, value-unlocking event that has been approved by shareholders and the court. This announcement merely confirms the specific dates. Therefore, the direct impact of the timing announcement is routine.

However, the key positive detail in this release is the appointment of a very strong, well-regarded management team and board for LunR Royalties. The involvement of Adam Lundin and particularly Jamie Beck, given his recent massive success creating shareholder value at Filo Corp., signals that the Lundin Group has significant ambitions for LunR Royalties beyond simply holding the NGEx royalties. This adds a layer of credibility and suggests a mandate for aggressive growth, which is a clear positive for shareholders who will own a piece of this new entity.

While the market has already anticipated the spin-out, the quality of the new company's leadership team exceeds routine expectations and provides a strong vote of confidence in the assets and the new vehicle's future. It turns a procedural announcement into a positive confirmation of the strategic vision.

NGEx Minerals Ltd. is a Canadian mineral exploration company and a member of the Lundin Group of Companies. Its flagship asset is the 100%-owned Lunahuasi Project in San Juan Province, Argentina. Lunahuasi is a major, high-grade copper-gold-silver discovery made in 2023. Exploration has rapidly expanded the mineralized footprint and uncovered multiple styles of mineralization, including high-sulphidation veins, an underlying large-scale copper-gold porphyry system, and ultra-high-grade gold quartz veins. The company is aggressively exploring to define the scale of the deposit. NGEx also holds a majority interest in the large Los Helados copper-gold project in Chile, which is adjacent to the Filo del Sol project.