NGEx Minerals increases private placement to $175M

Mr. Finlay Heppenstall reports NGEX MINERALS INCREASES PRIVATE PLACEMENT TO C$175 MILLION Due to strong demand NGEx Minerals Ltd. has elected to increase the previously announced non-brokered private placement to an aggregate of seven million common shares of the company at a price of $25.00 per common share for gross proceeds of $175-million. Net proceeds of the private placement will be used toward furthering exploration programs at the Lunahuasi project in San Juan province, Argentina, including, if permits are approved, construction of an exploration adit including any supporting infrastructure, work in support of an application for inclusion of the Lunahuasi project under Argentina's RIGI (Regimen de Incentivos para Grandes Inversiones or Incentive Regime for Large Investments), 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. The closing of the private placement remains subject to the approval of the Toronto Stock Exchange (the TSX) and other customary regulatory approvals and closing conditions for a transaction of this nature including, but not limited to, execution of subscription agreements between the company and the subscribers. The common shares will be issued on a private placement basis pursuant to exemptions from prospectus requirements under applicable securities laws and will be subject to a statutory hold period of four months and one day from the date of issuance. The company may pay a finder's fee of 5 per cent in connection with a portion of the private placement. The company anticipates closing of the private placement as soon as practicable subject to receipt of all necessary regulatory approvals. Trusts settled by the late Adolf H. Lundin (Lundin family trusts) have indicated their intention to participate in the private placement. The Lundin family trusts have indicated their intention to maintain their interest in the company by subscribing for up to $100.0-million of the private placement. Any participation in the private placement by the Lundin family trusts would be considered to be a related party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101), as a private entity controlled by the Lundin family trusts is currently the company's largest shareholder. The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any common shares issued to or the consideration paid by such persons will exceed 25 per cent of the company's market capitalization. For more information please refer to the news release titled "NGEx Minerals Announces C$100 Million Private Placement" published on Sept. 29, 2025. About NGEx Minerals Ltd. 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 Vicuna district, which includes the Caserones mine, and the Josemaria and Filo del Sol deposits. NGEx owns 100 per cent 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-per-cent owner of the operating Caserones open pit copper mine located approximately 17 kilometres north of Los Helados. Lundin Mining Corp. holds the remaining 70-per-cent 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. We seek Safe Harbor.