NGEx Minerals adds Lundin Mining as Los Helados partner

Executive Summary

• NGEx Minerals Ltd. has welcomed Lundin Mining as a new minority partner in the Los Helados project in Chile, following the closing of Lundin's acquisition of JX Advanced Metals Corp.'s 30.9% interest in the joint exploration agreement.
• The transaction is subject to closing conditions disclosed in Lundin Mining's news release dated March 9, 2026.
• The partnership leverages the proximity of Los Helados to Lundin’s operating Caserones mine, offering potential synergies and development options to feed mineralization through Caserones' mill.

Key Details

• Transaction Structure: Lundin Mining acquires JX Advanced Metals Corp. and affiliates' 30.9% interest in the Los Helados joint exploration agreement (JEA).
• Ownership Structure: NGEx Minerals remains the majority partner and operator of the JEA, holding the casting vote on all decisions. Lundin Mining becomes the new minority partner.
• Closing Conditions: The transaction is subject to closing conditions as disclosed in Lundin Mining's news release dated March 9, 2026.
• Project Location: Los Helados is located in Chile's Region III, approximately 17 kilometers from Lundin Mining's Caserones project and 10 kilometers from Vicuna Corp.'s Josemaria project.
• Strategic Synergies: The Los Helados resource features copper, gold, and silver grades higher than those currently mined at Caserones. Proximity to Caserones' operating infrastructure provides potential synergies and development options to feed mineralization from Los Helados through the Caserones mill.
• Resource Status: Los Helados is described as one of the largest undeveloped copper-gold resources in the world. Metallurgical test work indicates it would produce a high-quality precious metal-rich copper concentrate.
• Technical Disclosure: The scientific and technical disclosure was reviewed and approved by Bob Carmichael, BASc, PEng, Vice-President, Exploration for NGEx Minerals, who is the Qualified Person as defined by National Instrument 43-101.
• Current Mineral Resource Estimate: Referenced as effective as of July 29, 2025 (specific figures not provided in text).

Notable Quotes

• Wojtek Wodzicki, President and CEO of NGEx Minerals: "We are pleased to have Lundin Mining as our new minority partner at Los Helados and feel that this partnership has the potential to open up new options to move the Los Helados project forward towards eventual development. The Los Helados resource and its copper, gold and silver grades are higher than what is currently being mined at Caserones and the proximity of the operating infrastructure at Caserones provides potential synergies and development options to feed mineralization from Los Helados through the mill at Caserones. We look forward to working with Lundin Mining to develop these ideas and advance the Los Helados project."