NGEX KICKS OFF PHASE 4 DRILL PROGRAM AT LUNAHUASI
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On October 29, 2025, NGEx Minerals announced the commencement of its Phase 4 diamond drilling program at its 100%-owned Lunahuasi copper-gold-silver project in San Juan, Argentina. The program, planned for up to 25,000 meters, has started with six drill rigs, with two more expected to begin shortly. The key objectives are to build on the success of the Phase 3 program by testing four distinct styles of mineralization, exploring for new high-grade zones, and expanding the deposit's boundaries, which remain open in all directions. The CEO, Wojtek Wodzicki, noted that the company is fully funded for the program following the recent closing of a C$175 million private placement. Initial assay results are anticipated towards the end of Q4 2025.
This announcement is a routine operational update that is positive in nature. It confirms that the company is executing its previously stated plans and is on track with its exploration strategy for Lunahuasi.
- Alignment with Expectations: The company had previously guided in its September 25, 2025 news release that the Phase 4 program would begin in "early October" and would consist of "up to 25,000" meters with eight rigs. The start in late October represents a minor delay but is not material. The scale of the program is consistent with prior guidance.
- Financial Backing: The news follows the crucial C$175 million financing at C$25.00 per share, which closed on October 15, 2025. This financing, heavily supported by the Lundin family, de-risked the company's exploration plans for the foreseeable future. The commencement of drilling is the logical and expected deployment of that capital.
- Market Impact: The market has already priced in the aggressive exploration plan for Lunahuasi, which was the thesis for the C$175 million financing. While the news reinforces the operational progress, the true value-driving catalysts will be the assay results from this program, not the announcement of its commencement.
In the context of the historical news flow, this is an incremental positive step. The company has consistently delivered on its exploration goals, from the initial discovery holes, through the significant expansion in Phase 3 which identified a major underlying porphyry system (May 21, 2025), and now to the launch of a fully-funded, large-scale follow-up program. This is good management and solid execution, but it is not a game-changing event in itself.
NGEx Minerals Ltd. is a Canadian mineral exploration company and a member of the Lundin Group of Companies. Its primary focus is the 100%-owned Lunahuasi Project, a high-grade copper-gold-silver discovery located in the San Juan Province of Argentina. The project has demonstrated both high-grade epithermal vein-style mineralization and an underlying large-scale copper-gold porphyry system. The company also holds a majority interest in the advanced-stage Los Helados copper-gold project in Chile.